In-depth country-focused analysis on Macedonia's economic, political and operational risk environment, complemented by detailed sector insight


Our comprehensive assessment of Macedonia's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Macedonia, as well as the latest industry developments that could impact Macedonia's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Macedonia before your competitors.

Macedonia Country Risk

BMI View:

Core Views

  • Macedonia's December 2016 election will pave the way for a normalisation of politics after years of deadlock, characterised by corruption allegations and major protests. However, political risk will remain elevated, as the scope for renewed stand-offs between the major parties and a stalled EU accession process could see social tensions periodically flare up.

  • Economic growth in Macedonia will slow on account of weaker euro area demand. However, a recovery in fixed investment and strong private consumption growth will lead to renewed growth acceleration from 2018 onwards.

  • Beyond the medium term, Macedonia's manufacturing sector will need to move up the value chain to ensure continued robust growth for the economy.

Major Forecast Changes

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Macedonia Industry Coverage (1)

Macedonia Telecommunications

BMI View:

BMI View : Macedonia's small size and saturated nature offer few growth prospects for new entrants and established players alike. This view is underscored by an acceleration in the consolidation process in 2014 and which will reach new heights in 2015 if the merger of VIP and ONE is permitted. We have divided opinions on this development: although consumer choice is diminished, it would create a stronger player capable of challenging the incumbent on pricing and service innovation. The cable TV sector would benefit from more consolidation, too. In short, though, the greatest returns on investment will be enjoyed only by largest and most established players. Newcomers would be advised to look to the services and content fields for investment opportunities.


Latest Macedonia Articles

Latest Macedonia Blogs

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  • With negotiations coming to a head, our core scenario is for Greece to rema...

  • The political crisis in Macedonia merits considerable vigilance, for if the...


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